Twenty years after you take this class you are successful and wealthy. Knowing that this class was the key to your success, you look up your old professor and send a letter saying, "Because you helped me so much, I am going to send you a check for $100,000." Later you come to your senses and do not send the check. Your old professor sues you for the money:
A) you have to pay; there is a valid contract
B) you do not have to pay; the professor did not send a timely letter of acceptance
C) you do not have to pay; there is a lack of consideration
D) you do not have to pay; promissory estoppel applies
E) you do not have to pay; you were legally insane

Question

Quizplus · Accepted Answer

For a contract to be valid, there must be consideration, which means something of value must be exchanged between the parties. In this scenario, the professor did not provide anything in return for the promised $100,000, so there is a lack of consideration, making the promise not enforceable as a contract.

Twenty Years After You Take This Class You Are Successful